Crude Oil Price Technical Analysis
Likewise, oil prices also affect the Forex market, and therefore, it’s hardly surprising that many Forex traders also keep an eye on crude oil prices, and many even trade crude oil as a way to diversify their trading. To help you expand your trading horizons, the DailyForex trading room is happy to provide you with regular crude oil price technical analysis – we hope that it helps you trade profitably!
Crude Oil Price Technical Analysis
The WTI Crude Oil markets had a positive session on Friday, but found enough trouble above the $95 level to have me a bit concerned about any bullish moves coming.
The WTI Crude Oil markets fell during the session on Thursday, but as you can see found the $94 level to be supportive yet again. This is an area that has been supportive and resistive in the past, so it’s not very surprising that the market did in fact react to it.
The WTI Crude Oil markets rose significantly during the session on Wednesday, breaking above the $94 level with ease. However, I am still a bit concerned about this marketplace going forward, simply because there is so much noise between here and the $96 level.
The WTI Crude Oil markets rose during the session on Tuesday, showing that the $91.50 level continues to offer a bit of support.
The WTI Crude Oil markets fell hard during the session on Monday again, testing the $91.50 level. This area has been significant support in the past, and as a result it’s probably going to be a bit difficult to sell right here.
The WTI Crude Oil markets rose during the session on Friday, but as you can see the markets gave back quite a bit of gains by the time the market close. This is probably because of the nonfarm payroll numbers come out so weak.
The WTI Crude Oil markets fell during the session on Thursday, dipping below the $92 level. With that being said, it’s on enough support to pop higher, and form a nice-looking hammer. This hammer suggests that perhaps the market is going to bounce from here, something that would not surprise me at all.
The WTI Crude Oil markets fell yet again during the session on Wednesday, plummeting down to the 92.50 support level again. This area has been tested a couple of times now, and the fact that we have fallen all the way down here does in fact suggested me that the sellers are going to finally break this market down.
The WTI Crude Oil markets had a slightly positive session on Tuesday, as the $94 level continues to be a magnet for price as it had been back during the month of November. The shape of the candle doesn’t say much, but it does look mildly supportive.
The WTI Crude Oil markets fell slightly during the session on Monday, testing the $93 level. However, the area offered support and the market down slightly higher as it did back during the month of November several times.
The WTI Crude Oil markets fell during the session on Friday, closing just below the $94.00 handle. This area is of course in the middle of a massive cluster that we saw back in November, so it’s a bit difficult start shorting here.
The WTI Crude Oil markets fell hard during the session on Thursday, reacting in part to the report that Libyan oil was about to go back online. This of course brings a lot more supply into the marketplace, and it should continue to drive prices a little bit lower in the meantime.
On the last day of trading four 2013, you can see that the WTI Crude Oil markets had fallen down to the $98.50 level. This area begins a significant amount of support as far as I can tell, and as a result I believe that we will see a supportive candle in the next couple of sessions.
The WTI Crude Oil markets fell during the session on Monday, crashing into the $99 support level. This is an area that offered quite a bit of resistance last week, so it’s not a big surprise to me that it offered support this week.
WTI Crude Oil rose during the session on Friday, but as you can see we more importantly broke above the $100 level. Because of this, I feel that this market will continue to go higher, and that we are about to attempt to break into the previous consolidation area from back in October.